Musk's SpaceX Catches Cursor in a $60B Stock Swap, Stock Rockets 9% 🚀

Elon Musk's SpaceX announced on June 16 it will acquire Anysphere Inc., the company behind the AI coding tool Cursor, in an all-stock transaction valued at $60 billion. SpaceX and its subsidiary X67 Inc. have entered into a merger agreement with Anysphere, under which X67 Inc. will merge with and into Cursor, making Cursor a wholly owned subsidiary of SpaceX. The deal is subject to the satisfaction or waiver of closing conditions set forth in the merger agreement, including required regulatory approvals.

Under the terms of the agreement, each share of Cursor's common stock and preferred stock outstanding immediately prior to the merger's effective time will be automatically converted into the right to receive shares of SpaceX's Class A common stock. The companies currently expect the transaction to close during the third quarter of 2026. The June 16 announcement outlined the structure of the deal but did not disclose additional financial terms beyond the $60 billion valuation.

Shares of SpaceX, tracked under the ticker SPCX, jumped 9% to $209 in premarket trading on Tuesday following the announcement. The move lifts SpaceX further up the ranks of the world's largest companies, positioning it as the fifth-largest by market capitalization, according to figures cited in the announcement coverage.

Anysphere, the developer of the AI-powered coding assistant Cursor, has been one of the more closely watched private software companies in the artificial intelligence sector. The merger represents one of the largest all-stock transactions tied to an AI software provider and ties the startup directly into SpaceX's corporate structure alongside its existing space and connectivity operations.

The transaction remains contingent on regulatory review and the satisfaction of customary closing conditions outlined in the merger agreement. Both SpaceX and Anysphere have stated they expect the merger to be completed in the third quarter of 2026, with further details on the integration timeline and leadership structure to be disclosed as the deal progresses through closing.